China's central government rolled out a slew of new measures to spur better financial services for the country’s private businesses on Thursday, aiming to make it easier for them to get funded.

Private enterprises play an irreplaceable role in stabilizing economic growth, promoting innovation, increasing employment and improving people's livelihoods. But some still find it difficult to seek funding, or funding costs are too high. A series of policies have been announced to boost their development, according to a joint statement from the General Office of the CPC Central Committee and the General Office of the State Council, or China’s cabinet.

To resolve such problems, the government said that they will make differentiated monetary and credit policies and encourage financial institutions to increase their lending to privately-owned companies as well as small and micro-sized ones.

Regulators will also improve relevant policies for targeted cuts of the required reserve ratio for banks, with the aim of better promoting inclusive finance, the announcement said.

The central government noted that it will support the development of private banks and local lenders, in a bid to build a financial service system that matches the needs of private, small and medium-sized companies.

More efforts will be devoted to the pilot programs for joint credit granting, and banks and private enterprises are encouraged to establish long-term cooperation relations.

Qualified private firms will receive support from the government to expand their direct financing, and a more favorable environment will be created for their initial public offerings and refinancing review procedures, the statement added.

Authorities vowed to support non-listed private enterprises to issue private convertible bonds and encourage financial institutions to lift their investment in bonds issued by private companies.

Also, the government will endeavor to help cultivate various credit service organizations and encourage them to develop more innovative credit service products to support the funding needs of private firms.